Tax Day 2018 has almost become a live blogging event. The IRS reported that its computer systems are “experiencing technical difficulties.” The extent and the cause of the outage were not specified. The agency recommended filing as usual.
Here at Levins Tax Law, LLC, we advise people in Massachusetts, across the country and internationally who have offshore accounts and other assets outside of the U.S. about their federal tax reporting requirements and about how to respond to IRS inquiries into these accounts.
Academy Award-winning actor and director Forest Whitaker is famous for his impassioned portrayal of such varied characters as ruthless dictators and obedient soldiers. He now has another – much more dubious – claim to fame: a high-profile tax collection saga recently decided by the Ninth Circuit Court of Appeals.
It has been more than two years since legislation passed giving the IRS an additional collection tool. The tax agency will soon begin working in conjunction with the State Department to revoke, limit or deny passports of individuals with “seriously delinquent tax debt.”
Bitcoin, litecoin, ethereum and other block-chain currency have been on a run with bitcoin crossing the $10,000 threshold from a start of $997 at the beginning of the year. How do you report these transactions on your tax return? Will you receive a 1099?